The Conversation (0)
QX Resources Limited (ASX: QXR, ‘QXR’) confirms that diamond drilling is underway on the first hole of a two drill hole (1000 metre) program over the large scale Liberty Lithium brine project in California, USA (see Figure 1 below of rig on site).
- Drilling is underway at the large scale Liberty Lithium Brine Project in the western USA with two 500m drill holes initially planned.
- The current large diameter diamond drillhole is centred over the highest values of an extensive lithium brine surface anomaly over 10km. The target is a series of lithium brine bearing aquifers at depth.
- The Liberty Lithium Brine Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley.
- New exploration plan being prepared for the Turner River lithium hard rock project in the Pilbara.
The first of two large diameter (PQ) diamond drillholes holes (500m each) is centred over the highest values of an extensive lithium brine surface anomaly over 10km in auger samples (see image 2 below). Mobilisation to site was delayed a few days to secure all ancillary equipment required.
The second drill hole, 2km south of the first hole, will target a large conductive geophysical anomaly (MT geophysics) indicating conductive brine aquifer targets in a deep closed basin (ASX announcement 26 July 2023).
QXR entered an Agreement to earn a 75% interest of the 102km2 Liberty Lithium Brine Project, located in SaltFire Flat, in California, USA. The Project is one of the largest single lithium brine projects in the USA (for scale, equivalent to 2x area of Sydney Harbour). The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA1 and major Argentina brine projects.
QXR Managing Director, Stephen Promnitz, said: “In quick succession, QXR has been able to secure a large lithium brine asset in a Tier-1 jurisdiction, raise sufficient capital and mobilise to site with an experienced team. The Liberty Lithium Project is potentially a huge prize, being a large scale lithium brine target in a deep closed basin with all the hallmarks for success including the right geochemistry, geophysics and the geological setting. The project is in a Tier-1 jurisdiction centrally located to a rapidly growing battery supply chain in the USA. I’m looking forward to keeping investors updated as drilling progresses with new systems in place to quickly assess the potential on-site.
QXR has broad optionality in its lithium portfolio, being favourably exposed to the US market and having a large footprint in the sought-after WA Pilbara region. We are committed to developing projects in both locations based on active exploration programs.”
Figure 1: Drill rig – Photos at the first drill hole at the Liberty Lithium Brine Project
Figure 2: Location Map - Liberty Lithium with surface brine sample results (ppm Li) and geophysics profiles (MT)showing conductive horizons permissible for brine filled aquifers and drilling platforms (ASX announcement 26 July 2023, 5 October 2023 presentation).
Figure 3: Stylised Target Aquifer in modelled cross section of basin - Liberty Lithium Project (ASX announcement 5 October 2023 presentation).
Figure 4: The first drill site - Salt Fire Flat at Liberty Lithium
Click here for the full ASX Release
This article includes content from QX Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
QXR:AU
